Crude Holds 9494, Which Remains Near Term Pivot

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eliottWaves_oil_body_crude.png, Crude Holds 9494, Which Remains Near Term Pivot

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Commodity Analysis: Crude has broken steep trendline support. Trendlines break of this angle are often false but any near term bearish development (such as a 5 wave decline and 3 wave setback) would warrant consideration in light of recent COT data.

Commodity Trading Strategy: A drop below 9494 would complete a short term head and shoulders top with a target of 9181. Until then…resect potential for another leg higher.

LEVELS: 9264 9379 9494 9821 9899 10040

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